UNEP says green transition threatened amid shrinking adaptation financing

NAIROBI, Nov. 2 (Xinhua) -- Humanity's ability to cope with the unfolding climatic crisis is at stake as financing required to boost adaptation stagnates, said the United Nations Environment Program (UNEP) in a new report launched Thursday in the Kenyan capital, Nairobi.

The UNEP's Adaptation Gap Report 2023, titled "Underfinanced. Underprepared-Inadequate investment and planning on climate adaptation leaves the world exposed," says the adaptation finance gap currently ranges from 194 billion to 366 billion U.S. dollars annually.

The report was launched ahead of the 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change to be held in Dubai, the United Arab Emirates, from Nov. 30 to Dec. 12.

Despite grappling with record-breaking climatic shocks in 2023, including heatwaves, droughts, and storms, nation states have been slow to commit adequate resources towards adaptation, the report says.

Inger Andersen, the UNEP executive director, warned that failure to scale up adaptation financing will not only derail a just and green transition but also worsen the vulnerability of communities on the frontline of the climate crisis.

"So, I urge policymakers to take heed of the Adaptation Gap Report, step up finance, and make COP28 the moment that the world committed fully to insulating low-income countries and disadvantaged groups from damaging climate impacts," Andersen said.

According to the report, five out of six countries have at least one national adaptation planning instrument, though the number of adaptation actions supported through international climate funds has stagnated in the past decade.

Developing countries received 21 billion dollars from public multilateral and bilateral adaptation finance flows in 2021, down 15 percent, the report says.

It says that the international community is yet to deliver the 40 billion dollars in climate finance to developing countries annually by 2025 as pledged during the UN climate talks held in Glasgow, Britain in 2021.

"Failure to reinvigorate investments in adaptation action will inevitably lead to more unabated climate impacts and subsequent loss and damage," the report observes.

Every billion dollars invested in adaptation against coastal flooding could lead to a reduction of 14 billion dollars in economic damages while 16 billion invested annually in climate-smart agriculture might cushion 78 million people from starvation, says the report.

The report calls for reform of international financial architecture, increased focus on domestic resource mobilization, and tapping into remittances in order to boost adaptation financing.